¡Sí se pudo!
We are finally ready to announce something that we’ve been working very hard on for the last couple of months. It’s the result of countless hours that our team has passionately put into a new product that we hope that it can help as many business owners as possible.
At Camino Financial, we’ve always thrived on helping business owners. Ever since its inception, we’ve known that we wanted to make sure no business was left behind so that everyone had the same opportunities to achieve the American dream.
And then something that no one could’ve expected happened: the COVID-19 pandemic.
We realized that our mission was just beginning and that we had to find new ways to help business owners all through the country. Our first course of action was to build one of the most comprehensive, bilingual content hubs on COVID-19 relief capital and resources.
Thanks to this platform, we’ve seen business owners 4x more successful in receiving government relief funds. However, we also saw the gaps in access to capital on two fronts:
- undocumented-business owners were not eligible for most government relief programs
- business owners need capital to recover once businesses begin to re-open across the nation
For this reason, we decided to partner with Community Investment Management to launch a $10 million initiative focused on lending to underserved businesses in Colorado, including those who only have an ITIN. While the program is restricted to Colorado, we’re working tirelessly to expand its benefits across the nation.
The loan program helps address some of these key identified issues and more:
- If you don’t have a credit history, don’t worry, you can still apply!
- We approve cash-heavy businesses, unlike many other lenders
- You don’t have to have an SSN to be approved, you can apply with an ITIN!
- Self-employed and sole proprietors are more than welcome to apply
Here’s a bit of a tease about our Recovery Loan:
|Camino Financial||Alternative Lenders (1)||Impact|
|Payment Frequency||Monthly||Weekly||~3x More Time to Pay Loan Back|
|Repayment Terms (Months)||30||11|
|APR||31.49% (mid)||41.4%||~10% lower APR|
1. Based on the industry average of working capital loans with terms between 6 and 24 months, excluding lines of credit and factoring products.
Our Recovery Loan gives you almost 3 times more time to pay it back, and it has an APR practically 10% lower than other alternative lenders!
We’re super proud of the loan we have created, and we’re really excited to start helping Coloradans. But we won’t stop at that!
This is just the first step; we’re hoping to create other loans that can be available in other states so that EVERYONE can take advantage of this lower-priced new Camino Financial product.
Together we can create a strong community that will start rebuilding the economy. This is our contribution to creating a brighter future where we can go back to having business as usual.
Sean & Kenny Salas,
Co-Founders of Camino Financial